Industries Banking/Finance

Mortgage rates reach all-time low

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Mortgage rates have reached a record low on poor reports on the nation’s housing industry.

The 30-year, fixed-rate mortgage was 3.94 percent, down last week from 3.99 percent, according to McLean-based Freddie Mac. A year ago, mortgage rates were 4.83 percent. The 15-year, fixed-rate mortgage also reached a record low of 3.21 percent, down from an average of 3.27 percent last week. A year ago the 15-year average rate was 4.17 percent.

“Mortgage rates were at or near all-time record lows this week amid a rough environment for housing,” said Frank Nothaft, vice president and chief economist at Freddie Mac.

The Federal Reserve said in its Dec. 13 policy announcement that the housing marking remained weak. During the first nine months of the current fiscal year, households lost $400 billion in property values, and delinquency rates of more than 90 days and foreclosures increased between the June 30 and Sept. 30 this year, according to the Mortgage Bankers Association.

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